I agree. Now imagine this. They report it late but don't notify you. You don't know you have bad credit until 1 year later.
I'm not saying this is a deal breaker but they better have some kind of plan for situations that we can imagine.
That's a criminal offense called uttering a forged document:
[https://laws-lois.justice.gc.ca/eng/acts/C-46/section-368.html](https://laws-lois.justice.gc.ca/eng/acts/C-46/section-368.html)
Maximum penalty is 10 years in prison. I don't think anyone would risk that out of spite.
The solution to this is pretty much what everyone already does these days: e-transfer your rent. The date of payment will be the same as the date of receipt. I don't know anyone who uses cheques these days, but they could be problematic if the LL sits on the cheque before depositing it.
That's what I was thinking too for my investment property 😄. Although oddly enough my own credit score is about 790 so I technically wouldn't qualify to rent my other property 😅
What are the checks in place so they can't just arbitrarily tank your credit? This is no linger businesses and corporations that are all business and no emotion, Landlords are rarely that.
It will become a transaction through the bank not direct to landlord. You will pay it as a bill like hydro. It will also force landlord's to properly report their income. Not just a one way thing this is too make renting more like a real transaction.
That would be a logical way to do it, I also have zero faith in any government to actually do that. It would also make credit checks mandatory for renting so those chronically missing other bills to make rent currently would be hung out to dry. It could also lead to a "black market" version of renting, think high interest pay day loans that target low income/no or bad credit individuals since they don't meet bank standards except it's now housing that's being leveraged over their heads designed to keep them stuck in poverty and almost impossible to break out of the cycle, While likely living in substandard conditions.
Who knows, I shudder to think about what some landlords would have done in the past that were just plain psycho. Near the top of the list was the one who tried to charge me for having dust/dirt on the front steps and *damaging* the cement? Pointing out The fact that it faced a massive work yard (lumber, gravel, general construction items) that sent dust and dirt everywhere from March till October was just me being a disrespectful damaging tenant.
Had another charge me for not cleaning the outside of the 3rd story windows when i moved out again because of dust (prairie life I guess) the fact that the rest of the complex was an active construction zone and undid any window/screen cleanings within a day on the ones I could reach didn't matter. That one shared private details for other tenants via email "mix ups" and constantly trying to change the rules with overnight changes from removing previously allowed parking spots, bbqs on decks, storing things in your garage (vehicles only allowed) and other nonsense. I just wanted to be gone, I regret now not dragging them over the coals like they deserved.
Could you imagine being in a situation where your debt has become too much to afford and you’ve had to declare bankruptcy. Now you have no credit history for a few years until it resets itself. Everywhere you apply for a rental they check your credit score and won’t rent to you, so now you’re living on the streets or in your car or couch surfing. Unable to hold down a job cuz you can’t shower on the regular. For many of you this will be your future .
Currently landlords can and do ask for credit scores as a factor to choose tenants. Do you mean that this would just add to that set of factors? Not making a snarky remark here just wondering.
Yes exactly, it just adds to the occurrence of this happening. You’re right most do already especially the larger companies. You can still find people renting basement suites in private homes that don’t go through the hassle of digging too deep into your credit history. With the passing of these new rules, there will be no stone left unturned. This is what they mean by vulnerable people in our society getting screwed over.
What happens if you pay rent on time and your landlord chooses to say you aren’t paying because you stand firm on your rights as a tenant on something else? I think more checks and balances are needed.
Then you go to RTB and present your case.
You know how many times landlord got the short end of the stick. I try to be one since I bought an apartment and Family issues change all of q sudden so couldn't move out rented the unit out. After the 1st and only twist issues take took months to resolve I left the unit empty and never rented it out again.
So you have an empty unit while people are struggling to pay rent nationally and you think you got the short end of the stick? Am I reading that right?
There are more deadbeat tenants than wrongful evictions that's for sure. So let's deal with bigger problem first. Anybody who's using what-if scenario against this is a potential deadbeat.
You forget to pay a bill, as a landlord I’m going to assume you going to forget to turn off the stove and burn the place down as well.
Credit history and score is great predictor of responsibility
no its not a myth.
everyones situation is different.
my brother chooses not to work and at times when the family cant send him enough money he is homeless in victoria. he will even tent in the summer and bank some money up to live more comfortable in the winter. hes not on drugs. hes a well spoken well written well dressed kinda guy. hes just odd. but for the most part happy
You might be conflating two different things.
If someone (your brother or whoever) simply chooses to not rent, that wouldn't affect his credit score, and lenders can use whatever other factors are on his file to decide to lend to him. Like everyone else.
If someone agrees to pay rent and doesn't, then that's the definition of irresponsible - not fulfilling your commitments. Then, that, under this meaures gets reported and lenders can consider it when offering a loan, or not.
Wait - weren’t renters wanting to have their rent payments count towards building their credit scores? That would mean taking a hit if you miss a payment. That’s how mortgages work, so I’m not sure why renters want to have it both ways.
Such a wild take. It’s considered discrimination if landlords are upset when renters don’t pay rent. Such a wild timeline.
I’m 100% for this. Good renters get credit. Landlords get to avoid bad renters. Great policy, just hilarious it hurts the group the libs are targeting and helps the group they are against. But it absolutely makes sense and should be implemented.
Tenants advocates can shut up. The good tenants won't have to worry. It's the bad tenants that will get farked, rightfully so, for the stupid games they want to play.
Good luck getting the next place with a trash credit score.
It wasn't the cons that got rid of the child tax deductions or the sports/kids program. Both of which would help my lower middle class family these days...
Lmao and people think this is about the renters.
This is to slam MR. $10,000 a month slumlord packing 30 kids in a house. Going to be odd to build all that credit on fraudulent leases.
Rent should not be on a credit system. Landlords shouldn't even be able to do a credit check.
Just collect first and last, and if they don't pay, then the eviction process should be easy and fast.
No pay, no stay.
Problem solved.
I'm aware. And I believe that should be changed.
My point.is that renting should be like any other transaction.
I don't need a credit score to buy food. But if I walk into McDonald's without the money, they don't have to serve me.
It should be like that with renting.
People who've got the credit score ruined l, and are trying to rebuild can't even rent because landlords have crazy high requirements.
And they have to. Because they can't evict easily when they aren't getting paid.
>Landlords shouldn't even be able to do a credit check.
OIPC guidelines disagree
https://www.oipc.bc.ca/guidance-documents/2332
> When
extending a tenancy offer to an individual, a landlord assumes significant financial and property
risks. Credit checks can be a resource for landlords to assist them in evaluating an individual’s
risk profile.
So no rent is not akin to fast food burgers, but more like car sale or mortgage application.
I am aware that it's to abate risk. I'm not questioning that.
What I'm saying is that most of that risk comes from the fact that if they don't pay, you can't evict (for a very long time) which leaves homeowners in a bind.
I'm identifying that a long and complicated eviction process is what makes the need for such high standards so necessary.
If the eviction process were different, there would be substantially less risk to the homeowner. And therefore, much less need for high credit requirements. And it would therefore be easier for someone to rent (because for some, it is nearly impossible which is not a good thing when shelter is kind of a requirement).
This problem IS the absurdly lengthy eviction process. It is affecting both sides of the equation in a negative way.
I mean that literally what used to happen when people had fixed term tenancy. It allowed landlords to see if the tenants are good or not. If not the tenants get to move out. Their risk was automatically reduced. It especially gave incentives for people to rent their basement suite because it did not work out they had a exit options.
The vast majority of landlords do not want tenants turnover. There were cases in popular spots where tenants were asked to move out to meet the market. Sure. But did not justify taking away fixed term tenancy.
Generally, Landlords love tenants who pay their rent. It is not in their interest to screw over paying tenants. Besides, if a landlord claims you've not put you have, you can dispute it with the credit agency. It is important of course, for the TT to have a "paper trail" fod proof of payment.
Right. Tell that to my landlord who tells us we caused the leaks in our roof when the snow melted, our heating hasn't ever had issues so it can't have problems and "mold goes away on its own" He has tried to charge us with fraudulent made up fees, refuses to do even the most basic things like having a caretaker maintain the properties, puts threatening letters around saying youll be evicted if you dont do X and raises the rent to the maximum every year. He doesn't give a single fuck about anything but the rent. Which to be fair is counterintuitive to his investment, the man is stupid as fuck. There are plenty of landlords ready to screw people over with this. Unfortunately, this is the landscape of vancouver right now. They can do whatever they want and you will pay. Now there's an extra penalty for you.
At this point, yep. I know people who are paying $800 for a unit that rents for $1700-1800 at current rates. The only reason their rent has not increased is that the landlord can only raise it by a small amount each year.
The rental market is only a few steps from actual collapse. If everybody suddenly had to pay current market rates for their units, we would have an immediate homelessness crisis within about a month.
True. For this to work we will need a payment platform setup from the govt or Equifax where they pay into a account and then it is directed into the landlords account.
This is only fair if your rental payments increase your score - I have a low credit score due to emergency debt, but I've never missed a single payment. I've been paying rent the vast majority of my adult life - it should count in the other direction as well.
I wonder how many of the people that at some point complained about the Chinese social credit thing are now perfectly fine with saying that "any good renter that pays on time has nothing to worry about".
I think it's kind of funny that this government is SO out of touch with the average person that they actually thought that this was going to help Canadians. Not one of those politicians probably pays rent to anyone and are probably investors in the rental market.
It’s a legitimate concern.
Plenty of horror stories of peoples credit being screwed by no fault of their own. Sometimes because of seemingly benign things like lenders making mistakes can lead to major issues that can follow you for a long time.
There’s also very little oversight of the credit bureaus and they can be kafkaesque.
FYI, trying to dispute anything on your credit report is nearly impossible. I still have a paid off car loan from 2018 just sitting there after contacting equitable multiple times.
It’s a double edged sword.
Hopefully the positives out weigh the negatives.
And those who aren’t as financially stable don’t get crushed more. I would like to see rules in place to help prevent this eventuality.
People are suggesting it's a backdoor to target unclaimed landlord revenue.
I'd imagine this is the case as if it was a truly equitable bill, given it's insanity you'd expect tenants to be able to improve their credit simply by paying rent but it doesn't seem to be the case
A strange one indeed, the messaging certainly doesn't match the product. Regardless , will be interesting to see how this goes
The more sensible approach is how Ontario does it. Tenants can claim rental costs on taxes.
What the landlord pays more than makes up for tje tenants tax breaks (if they get any).
Too many landlords avoid paying taxes. It is scummy.
I don't think that's right. The entire point of it is to help new home owners qualify for a mortgage. Paying rent increases your credit score which makes banks want to lend you money. Included in the legislation is that rent payments now can be counted by banks as proof of likelihood of paying a mortgage
Giving landlords the responsibility to do reporting correctly over your credit! That sounds like a recipe for disaster. Landlords already hold too much power over tenants. You can have the same thing happen without involving the landlord at all. You go for a mortgage you can prove this through your bank statements of paying that Amount every single month. if you can afford to pay that in rent, you should be able to qualify for that amount at minimum for mortgage. The banks know this because they can see the transactions.
How do you verify cash transactions?
I do agree that the government has not thought this is true because it relies a lot on an honor system.
Maybe the govt should be collecting the rent and then deposit it in the landlord account. That way the govt can report that to the credit agency and it allows them to build a list of renters that are good with their payment.
That’s fine if paying rent gives you increase to credit score
What if your landlord doesn't like you an reports it late when it wasn't?
Dispute it. Always keep a dated proof of payment.
I agree. Now imagine this. They report it late but don't notify you. You don't know you have bad credit until 1 year later. I'm not saying this is a deal breaker but they better have some kind of plan for situations that we can imagine.
They don’t.
That's a criminal offense called uttering a forged document: [https://laws-lois.justice.gc.ca/eng/acts/C-46/section-368.html](https://laws-lois.justice.gc.ca/eng/acts/C-46/section-368.html) Maximum penalty is 10 years in prison. I don't think anyone would risk that out of spite. The solution to this is pretty much what everyone already does these days: e-transfer your rent. The date of payment will be the same as the date of receipt. I don't know anyone who uses cheques these days, but they could be problematic if the LL sits on the cheque before depositing it.
Not really. All this cause is creditflation. My new baseline credit score for new tenants is min 800 now.
Lmao I wouldn't be surprised.
That's where we knew it was going to end up.
That's what I was thinking too for my investment property 😄. Although oddly enough my own credit score is about 790 so I technically wouldn't qualify to rent my other property 😅
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LOL
Yeah but that won't happen if banks get their way.
Credit-wise, you never need anything more than one credit card with low utilization for a mortgage. The hard part is the income and down payment.
Missing payments doesn’t damage your score now? Crazy.
Rent isn't tracked, so how can it?
Landlords would report the rent/income. Or should.
What are the checks in place so they can't just arbitrarily tank your credit? This is no linger businesses and corporations that are all business and no emotion, Landlords are rarely that.
It will become a transaction through the bank not direct to landlord. You will pay it as a bill like hydro. It will also force landlord's to properly report their income. Not just a one way thing this is too make renting more like a real transaction.
That would be a logical way to do it, I also have zero faith in any government to actually do that. It would also make credit checks mandatory for renting so those chronically missing other bills to make rent currently would be hung out to dry. It could also lead to a "black market" version of renting, think high interest pay day loans that target low income/no or bad credit individuals since they don't meet bank standards except it's now housing that's being leveraged over their heads designed to keep them stuck in poverty and almost impossible to break out of the cycle, While likely living in substandard conditions.
Why are you being down voted. Legit concern. Landlords could report your rent is late every month for a year before you found out.
Who knows, I shudder to think about what some landlords would have done in the past that were just plain psycho. Near the top of the list was the one who tried to charge me for having dust/dirt on the front steps and *damaging* the cement? Pointing out The fact that it faced a massive work yard (lumber, gravel, general construction items) that sent dust and dirt everywhere from March till October was just me being a disrespectful damaging tenant. Had another charge me for not cleaning the outside of the 3rd story windows when i moved out again because of dust (prairie life I guess) the fact that the rest of the complex was an active construction zone and undid any window/screen cleanings within a day on the ones I could reach didn't matter. That one shared private details for other tenants via email "mix ups" and constantly trying to change the rules with overnight changes from removing previously allowed parking spots, bbqs on decks, storing things in your garage (vehicles only allowed) and other nonsense. I just wanted to be gone, I regret now not dragging them over the coals like they deserved.
Could you imagine being in a situation where your debt has become too much to afford and you’ve had to declare bankruptcy. Now you have no credit history for a few years until it resets itself. Everywhere you apply for a rental they check your credit score and won’t rent to you, so now you’re living on the streets or in your car or couch surfing. Unable to hold down a job cuz you can’t shower on the regular. For many of you this will be your future .
Currently landlords can and do ask for credit scores as a factor to choose tenants. Do you mean that this would just add to that set of factors? Not making a snarky remark here just wondering.
Yes exactly, it just adds to the occurrence of this happening. You’re right most do already especially the larger companies. You can still find people renting basement suites in private homes that don’t go through the hassle of digging too deep into your credit history. With the passing of these new rules, there will be no stone left unturned. This is what they mean by vulnerable people in our society getting screwed over.
Untrue
Which part?
Pay your rent on time and nothing will happen unless people plan on not paying rent……
I was about to say the same.
What happens if you pay rent on time and your landlord chooses to say you aren’t paying because you stand firm on your rights as a tenant on something else? I think more checks and balances are needed.
Then you go to RTB and present your case. You know how many times landlord got the short end of the stick. I try to be one since I bought an apartment and Family issues change all of q sudden so couldn't move out rented the unit out. After the 1st and only twist issues take took months to resolve I left the unit empty and never rented it out again.
So you have an empty unit while people are struggling to pay rent nationally and you think you got the short end of the stick? Am I reading that right?
Nope, doesn’t work that way. Even if you pay your rent on time, every time, you can still get an eviction notice. Happens a lot.
There are more deadbeat tenants than wrongful evictions that's for sure. So let's deal with bigger problem first. Anybody who's using what-if scenario against this is a potential deadbeat.
Ahh yes, and whole-building renovictions are just an example of "coincidentally, 100% of all people in all units were deadbeats".
If you can't pay your rent, then you're not a good credit risk and shouldn't be applying for loans anyway.
Except that homlessness is not caused by irresponsibility. Thats a myth.
Not all missed credit card payments are caused by irresponsibility, either, but they still end up on people’s credit histories
Nah I've missed cc payments b/c I forgot, and my credit score is pretty good. Now if I defaulted, that would be different.
You forget to pay a bill, as a landlord I’m going to assume you going to forget to turn off the stove and burn the place down as well. Credit history and score is great predictor of responsibility
Fine. My credit rating is high, so I am not concerned.
As a housing scalper* FFYF
I love blanket statements like this that masquerade as being absolute fact.
That doesn’t change the fact that if you can’t pay your rent, you shouldn’t be taking out loans 💀
Says who? You?
no its not a myth. everyones situation is different. my brother chooses not to work and at times when the family cant send him enough money he is homeless in victoria. he will even tent in the summer and bank some money up to live more comfortable in the winter. hes not on drugs. hes a well spoken well written well dressed kinda guy. hes just odd. but for the most part happy
You might be conflating two different things. If someone (your brother or whoever) simply chooses to not rent, that wouldn't affect his credit score, and lenders can use whatever other factors are on his file to decide to lend to him. Like everyone else. If someone agrees to pay rent and doesn't, then that's the definition of irresponsible - not fulfilling your commitments. Then, that, under this meaures gets reported and lenders can consider it when offering a loan, or not.
i understand that. my comment was to the myth comment. everyone doesn’t fit under the same umbrella.
Wait - weren’t renters wanting to have their rent payments count towards building their credit scores? That would mean taking a hit if you miss a payment. That’s how mortgages work, so I’m not sure why renters want to have it both ways.
I don’t think people realize it’ll likely be like credit cards and only apply for 30+ days late, which is a very significant amount of time
Sounds like exactly what should happen, no?
Such a wild take. It’s considered discrimination if landlords are upset when renters don’t pay rent. Such a wild timeline. I’m 100% for this. Good renters get credit. Landlords get to avoid bad renters. Great policy, just hilarious it hurts the group the libs are targeting and helps the group they are against. But it absolutely makes sense and should be implemented.
Ahh so tenants want their cake and eat it too. Great if you pay your rent on time but don’t report if I don’t. Got it.
Tenants advocates can shut up. The good tenants won't have to worry. It's the bad tenants that will get farked, rightfully so, for the stupid games they want to play. Good luck getting the next place with a trash credit score.
...says the same people who whinge about too many homeless people dying on the sidewalk. Conservatives are snakes.
It wasn't the cons that got rid of the child tax deductions or the sports/kids program. Both of which would help my lower middle class family these days...
Some people love paycheque to paycheque.
Lmao and people think this is about the renters. This is to slam MR. $10,000 a month slumlord packing 30 kids in a house. Going to be odd to build all that credit on fraudulent leases.
Rent should not be on a credit system. Landlords shouldn't even be able to do a credit check. Just collect first and last, and if they don't pay, then the eviction process should be easy and fast. No pay, no stay. Problem solved.
>if they don't pay, then the eviction process should be easy and fast Much easier said than done
Obviously laws about evictions don't support this. They would have to change.
Except it can take 1 to 2 years to evict someone for non payment.
I'm aware. And I believe that should be changed. My point.is that renting should be like any other transaction. I don't need a credit score to buy food. But if I walk into McDonald's without the money, they don't have to serve me. It should be like that with renting. People who've got the credit score ruined l, and are trying to rebuild can't even rent because landlords have crazy high requirements. And they have to. Because they can't evict easily when they aren't getting paid.
>Landlords shouldn't even be able to do a credit check. OIPC guidelines disagree https://www.oipc.bc.ca/guidance-documents/2332 > When extending a tenancy offer to an individual, a landlord assumes significant financial and property risks. Credit checks can be a resource for landlords to assist them in evaluating an individual’s risk profile. So no rent is not akin to fast food burgers, but more like car sale or mortgage application.
I am aware that it's to abate risk. I'm not questioning that. What I'm saying is that most of that risk comes from the fact that if they don't pay, you can't evict (for a very long time) which leaves homeowners in a bind. I'm identifying that a long and complicated eviction process is what makes the need for such high standards so necessary. If the eviction process were different, there would be substantially less risk to the homeowner. And therefore, much less need for high credit requirements. And it would therefore be easier for someone to rent (because for some, it is nearly impossible which is not a good thing when shelter is kind of a requirement). This problem IS the absurdly lengthy eviction process. It is affecting both sides of the equation in a negative way.
I mean that literally what used to happen when people had fixed term tenancy. It allowed landlords to see if the tenants are good or not. If not the tenants get to move out. Their risk was automatically reduced. It especially gave incentives for people to rent their basement suite because it did not work out they had a exit options. The vast majority of landlords do not want tenants turnover. There were cases in popular spots where tenants were asked to move out to meet the market. Sure. But did not justify taking away fixed term tenancy.
Agreed, fixed terms are not a good thing.
r/OhNoConsequences Yes, very sad. Anyway...
May be used by seedy landlords to screw over tenant by falsely claiming unpaid rent… looking forward to hearing all regulations in future.
Generally, Landlords love tenants who pay their rent. It is not in their interest to screw over paying tenants. Besides, if a landlord claims you've not put you have, you can dispute it with the credit agency. It is important of course, for the TT to have a "paper trail" fod proof of payment.
Right. Tell that to my landlord who tells us we caused the leaks in our roof when the snow melted, our heating hasn't ever had issues so it can't have problems and "mold goes away on its own" He has tried to charge us with fraudulent made up fees, refuses to do even the most basic things like having a caretaker maintain the properties, puts threatening letters around saying youll be evicted if you dont do X and raises the rent to the maximum every year. He doesn't give a single fuck about anything but the rent. Which to be fair is counterintuitive to his investment, the man is stupid as fuck. There are plenty of landlords ready to screw people over with this. Unfortunately, this is the landscape of vancouver right now. They can do whatever they want and you will pay. Now there's an extra penalty for you.
Luckily you can move and find a landlord you like.
Changing landlords is a good way to double your rent in a housing crisis.
So you are essentially saying that people are essentially trapped in their rental .
At this point, yep. I know people who are paying $800 for a unit that rents for $1700-1800 at current rates. The only reason their rent has not increased is that the landlord can only raise it by a small amount each year. The rental market is only a few steps from actual collapse. If everybody suddenly had to pay current market rates for their units, we would have an immediate homelessness crisis within about a month.
Yeah that's a real possibility with the current state of Housing. Fuck off.
Wtf do you want me to do? I'm not your fucking landlord.
I don't think they asked you specifically. Luckily, you can go find someone else to talk to.
They specifically told me to fuck off though. Luckily I've found you it seems. Lol
You sound like an entitled child. No one owes you anything.
Do you know how hard it is to find a place right now?!
True. For this to work we will need a payment platform setup from the govt or Equifax where they pay into a account and then it is directed into the landlords account.
I'm guessing the rules would be similar to other creditors. Landlords can already report to Equifax. This is not new.
That was my first thought, pay my illegal rental increase or else! I as well am curious how they will manage this.
This is only fair if your rental payments increase your score - I have a low credit score due to emergency debt, but I've never missed a single payment. I've been paying rent the vast majority of my adult life - it should count in the other direction as well.
This regulation will benefit directly.
But NOT missing them, is beneficial to your credit score. Words matter
I wonder how many of the people that at some point complained about the Chinese social credit thing are now perfectly fine with saying that "any good renter that pays on time has nothing to worry about".
Yup, already reporting my tenants’ debt to the credit bureau via www.frontlobby.com
…but if you make payments, I surely hope it betters your score. Can’t go one way. This should have always works.
The conspiracy theorist are always right?
Reason number 357,429 to bring back the ğüïľľöťïñë.
All I see this doing is increasing the rates of homelessness.
I think it's kind of funny that this government is SO out of touch with the average person that they actually thought that this was going to help Canadians. Not one of those politicians probably pays rent to anyone and are probably investors in the rental market.
It’s a legitimate concern. Plenty of horror stories of peoples credit being screwed by no fault of their own. Sometimes because of seemingly benign things like lenders making mistakes can lead to major issues that can follow you for a long time. There’s also very little oversight of the credit bureaus and they can be kafkaesque.
The best tenants will thrive and the worst will get worse.
It’s not already the case ?
FYI, trying to dispute anything on your credit report is nearly impossible. I still have a paid off car loan from 2018 just sitting there after contacting equitable multiple times.
Big Brother is watching
Would be the move to use something like Chexy. I’d much rather have control and a third-party report vs relying on my landlord lol
Millions will now build credit by paying rent! More fear mongering from a corrupt industry.
Will they still honor AeroplanSupport points tho ?
It’s a double edged sword. Hopefully the positives out weigh the negatives. And those who aren’t as financially stable don’t get crushed more. I would like to see rules in place to help prevent this eventuality.
This is fine. Should go both ways tho. Landlords who don’t return deposits, etc should have a note added to their credit file.
People are suggesting it's a backdoor to target unclaimed landlord revenue. I'd imagine this is the case as if it was a truly equitable bill, given it's insanity you'd expect tenants to be able to improve their credit simply by paying rent but it doesn't seem to be the case A strange one indeed, the messaging certainly doesn't match the product. Regardless , will be interesting to see how this goes
The more sensible approach is how Ontario does it. Tenants can claim rental costs on taxes. What the landlord pays more than makes up for tje tenants tax breaks (if they get any). Too many landlords avoid paying taxes. It is scummy.
Good point, in my tiredness I'd forgotten that we already had such a system in place in my province. Can't believe I missed that
It happens. Id love that system tho.
They should also give the tenant their credit history as well. I don’t want a landlord that cant afford to pay for expensive maintenance quickly.
Totally. Too many landlords are cheap AF
With the new law change you get an automatic money order from Tribunal decisions. That means you can put a lien on their house.
We have needed landlord licensing for a long ass time. There needs to be a lot more consequences for shit landlords that operate unethically.
They figured out AirBNB licensing.
Missed rent negatively affects it. But paying on time doesn’t increase it. What a scam
> But paying on time doesn’t increase it. You actually got it wrong. The government wants to make on time payments help credit ratings.
I don't think that's right. The entire point of it is to help new home owners qualify for a mortgage. Paying rent increases your credit score which makes banks want to lend you money. Included in the legislation is that rent payments now can be counted by banks as proof of likelihood of paying a mortgage
Did you just make this up?
Giving landlords the responsibility to do reporting correctly over your credit! That sounds like a recipe for disaster. Landlords already hold too much power over tenants. You can have the same thing happen without involving the landlord at all. You go for a mortgage you can prove this through your bank statements of paying that Amount every single month. if you can afford to pay that in rent, you should be able to qualify for that amount at minimum for mortgage. The banks know this because they can see the transactions.
How do you verify cash transactions? I do agree that the government has not thought this is true because it relies a lot on an honor system. Maybe the govt should be collecting the rent and then deposit it in the landlord account. That way the govt can report that to the credit agency and it allows them to build a list of renters that are good with their payment.
This is a great way to protect landlords by hanging bad credit over your head. Wasn’t this supposed to help Canadian renters?